The gig is up! - Soon Soul-less

[ocnblu]

My mom lives on Social Security.  She is currently leasing a '12 Kia Soul with a very favorable lease payment.  She will need to turn it in soon, and she cannot buy it.  I am looking for suggestions for her. 

 

The criteria:

 

Extremely affordable

4 door hatchback

Power windows

Automatic

Favorable low mileage lease deal

 

 

[Drew Dowdell]

Another one? They are offering favorable leases for them on my end of the state.

[A Horse With No Name]

Hate to say it, but Honda Civic or Fit. Hondas have high residual, and Honda subsidizes their leases.

Another one? They are offering favorable leases for them on my end of the state.

Perhaps..

[ocnblu]

As for another Soul, even the base trim is nice now, she has a middle "+" trim now, she's been trying to look into another +, but two local dealers only have them with extra packages that cross the line for her money wise.  I was also thinking about a base Fit CVT, if a good lease deal is on the table.  She is shy about the Spark, after reading somewhere that they are penalty boxes.  I'm thinking that for the kind of driving she does, a Spark would be fine, and she could get a funky color that she likes.  Also not sure if Chevy has a low mileage lease deal on base Sonics.  She asked me about a Fiesta too.  Yesterday I rode through enemy territory... Yaris and xD.  She only has about 9k miles on her current Soul, so a low mileage lease deal would be ideal.  Any more ideas?  Oh, I forgot to mention, Mazda dealership employees can get "employee pricing" on a Mazda through September, we got an email.  If I find out that extends to immediate family, maybe it's time to refresh myself on the Mazda 2.

Edited August 3, 2014 by ocnblu

[A Horse With No Name]

Mazda 2 is IIRC the best selling car in Japan. Would be a fantastic choice. I did not include it because it will depreciate a boatload more than the Fit. But very well made and a very good price point for what it is. Much better driving dynamics than the Spark.

Also, if your pinching pennies, look at the Mirage. For limited in town use, might not be bad. Available IIRC in some interesting colors.

[ocnblu]

Mazda 2 is something I will look into.  Just got off the phone with her.  Her lease isn't up until March 2015... she is jumping the gun a bit.  Also, she only has 7k miles on the Soul, not 9k.  She went to the closest Kia dealership (where she leased her current) and was turned off by how the female sales manager treated her.  Base model Soul with automatic is $17,495 MSRP, they charge $1800 for the automatic because it is bundled with alloys and a few things on the interior.  Base Mazda 2 with auto is $16,355.  Base '15 Fiesta hatch is $16,285, with roll-up windows, which she will not like.  She asked me about Darts, but one of the reasons she told me she did not like her Cobalt was its lowness for ingress/egress... the Soul is ideal in that regard, just not sure she can swing one this round, we'll see.

[GMTruckGuy74]

The Chevy Trax will be out in 2015

[ocnblu]

Well I believe I could afford one, but there's no way she could.  Her current lease payment is $126.00.

[A Horse With No Name]

Wow, I have never heard of a lease payment that low.

[ocnblu]

Well, I got a phone message.  No other small car sits up as nice as a Kia Soul.  Meaning we need to find a way to get her into another one when the time comes.

[Drew Dowdell]

If she drives that little amount, she could get a Leaf and not need to buy gasoline anymore.

[G. David Felt]

Why not just get her an 84mpg Elio Motors Trike?

 

http://www.cheersandgears.com/topic/83433-84mpg-elio-motors-for-6800/

 

She could surely afford to buy it and fuel it and still get around just fine.

[GMTruckGuy74]

Scion xD? $17,490 MSRP with Automatic Trans: http://www.scion.com/cars/xD2014/

Since her lease isn't up until March 2015, she might be able to get a good lease deal during the winter time when sales are usually slower?

[G. David Felt]

If all she needs is a small car to get to and from the Grocery store, have her do the IQ, Their $99 month Lease is the lowest I could find.

 

[ocnblu]

That blue and silver two-tone xD looks pretty nice.

[smk4565]

The Scion xD is dead for the 2015 model year, so that can be ruled out.  I would say buy the Soul, car loan rates are low, she could stretch the payment over 5 years 6 if she had to, and at the end of the lease that Soul should only have like $12-13k owed on it.  I think the Mazda 3 hatchback looks good, but the price is probably too high, those can run into the $20-25k range in a hurry.

 

Maybe she could get one of those Mitsubishi i- miev cars, I have seen 2012 used ones for $12-13k and there would be no fuel cost, no oil changes to pay for, etc.  You can lease a new one for about $189 a month.  The range is only about 62 miles, but it sounds like she doesn't drive a lot of miles.

[A Horse With No Name]

Buying out the Soul may be above her budget. Plus, she has no budget for repairs. A leaf would be an idiotic lease, its like $325 a month with zero down, figure $250 a month with equity from the Soul. She should have enough equity to get the lease down just trading it in.

In fact, she may have equity now with the low miles. She might be able to hand the local Kia boys the keys, and flip into another lease now.

KIA dealers want to move the Soul like people in hell want ice water. The salesman ought to paint her fence, sweep her porch, and change her cat's litter box for driving the damned thing off of the lot!

Edited August 5, 2014 by A Horse With No Name

[ocnblu]

At this juncture, I believe either a buy-out or another Soul lease is the best way to go.  Only this time around, a base model instead of a +.  The new ones have plenty of kit, no need for her to fret over moving down the trim level hierarchy.  She's complaining about the style of alloy wheel on the base model... this is what I'm up against.

[A Horse With No Name]

Females often complain because they want attention. It is your duty as a loyal son of o listen to her while you drink your morning coffee. After all, she did change your diaper for years.

[ocnblu]

It's been at least six munts since she had to do that.

[Drew Dowdell]

At this juncture, I believe either a buy-out or another Soul lease is the best way to go.  Only this time around, a base model instead of a +.  The new ones have plenty of kit, no need for her to fret over moving down the trim level hierarchy.  She's complaining about the style of alloy wheel on the base model... this is what I'm up against.

 

Digital Credit Union does 1.9% financing for up to 84 months on lease-buyout cars.  Anyone can become a member for a $5 fee.

It's been at least six munts since she had to do that.

 

So that explains why you're so full of it....

[A Horse With No Name]

...at least when it runs out his ears it does not have to fall far before hitting the floor....

[ocnblu]

GROUP HUG?

[smk4565]

 

At this juncture, I believe either a buy-out or another Soul lease is the best way to go.  Only this time around, a base model instead of a +.  The new ones have plenty of kit, no need for her to fret over moving down the trim level hierarchy.  She's complaining about the style of alloy wheel on the base model... this is what I'm up against.

 

Digital Credit Union does 1.9% financing for up to 84 months on lease-buyout cars.  Anyone can become a member for a $5 fee.

 

A 7 year car loan?!?!   And I thought the 6 year loans were sort of long.  I can see the 6 year on a new car, as new cars cost a lot and people may keep it for 10 years.  But 7 years on a used car seems insane, also at that rate.

[A Horse With No Name]

Leasing a new one would keep her in warranty.

[Drew Dowdell]

 

 

At this juncture, I believe either a buy-out or another Soul lease is the best way to go.  Only this time around, a base model instead of a +.  The new ones have plenty of kit, no need for her to fret over moving down the trim level hierarchy.  She's complaining about the style of alloy wheel on the base model... this is what I'm up against.

 

Digital Credit Union does 1.9% financing for up to 84 months on lease-buyout cars.  Anyone can become a member for a $5 fee.

 

A 7 year car loan?!?!   And I thought the 6 year loans were sort of long.  I can see the 6 year on a new car, as new cars cost a lot and people may keep it for 10 years.  But 7 years on a used car seems insane, also at that rate.

 

 

"Up to"

 

It was just a suggestion from the finance side to make buying out her current car at an affordable monthly payment.

 

And I was actually wrong.... it's 1.49% if you have it auto-draft from a checking account at DCU also.

 

Edit: looking into this more:

It's 1.49% for up to 60 month loans, 1.9% for 61 - 72 month loans, 3.49% for 73 - 84 month loans.

All of them available for up to 120% of price of vehicle.

 

which is still some of the best financing around.

 

 

Ocn - What is the buyout on her current lease?

[A Horse With No Name]

It was a darned helpful side as well.  I am thinking of leasing my next car, and it is helpful to know that this kind of loan exists.

[Drew Dowdell]

Digital Credit Union

 

in case anyone is interested

[smk4565]

What is amazing about DCU is that they don't seem to care about the year of the car.  I work for a bank, and we and I think everyone else in Pittsburgh price new car loans at a lower rate, and used cars are higher then as the car gets older the rate goes up a bit.  6 year 1.99% is unheard of, especially on a used car.

[ocnblu]

Drew - she told me but I forget.

[ocnblu]

Well, this one was resolved.  On the same day I picked up my new truck, she took delivery of a 2015 Nissan Versa Note SV, in Peacock with the Wheat interior.  Very favorable lease rate.  I tried to sway her toward buying out her Soul so she could get out of the lease cycle, but she resisted.  I went with her on the test drive before I headed over to the Chevy dealer, and based on that, I was actually impressed with the behavior of this latest version of the CVT, it didn't seem to rev the engine so loud and languid like I remember her Cube and my Patriot.